Globalstar (NYSEARCA:GSAT) Shares Gap Up After Insider Buying Activity

Globalstar, Inc. (NYSEARCA:GSAT) gapped up before the market opened on Wednesday following insider buying activity. The stock had previously closed at $20.78, but opened at $21.40. Globalstar shares last traded at $21.44, with a volume of 46,314 shares trading hands.

Specifically, Director James Monroe III acquired 25,000 shares of the stock in a transaction on Tuesday, March 18th. The shares were bought at an average cost of $20.80 per share, with a total value of $520,000.00. Following the transaction, the director now owns 847,273 shares of the company’s stock, valued at approximately $17,623,278.40. This trade represents a 3.04 % increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website.

Wall Street Analyst Weigh In

GSAT has been the topic of several research reports. Morgan Stanley raised their price objective on shares of Globalstar from $14.85 to $25.00 and gave the stock an “equal weight” rating in a research report on Wednesday, February 26th. B. Riley raised their price objective on shares of Globalstar from $4.00 to $60.00 and gave the stock a “buy” rating in a research report on Wednesday, February 19th. Finally, Craig Hallum lowered their target price on shares of Globalstar from $75.00 to $45.00 and set a “buy” rating on the stock in a report on Friday, February 28th.

Globalstar Price Performance

The company has a debt-to-equity ratio of 0.91, a quick ratio of 0.99 and a current ratio of 1.09. The company’s 50 day moving average price is $13.00. The company has a market cap of $40.95 billion, a PE ratio of -720.67 and a beta of 1.07.

Hedge Funds Weigh In On Globalstar

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. PFG Investments LLC acquired a new position in Globalstar during the fourth quarter worth about $25,000. IRON Financial LLC purchased a new stake in shares of Globalstar during the fourth quarter worth about $29,000. Mariner LLC grew its holdings in shares of Globalstar by 30.9% during the fourth quarter. Mariner LLC now owns 14,007 shares of the company’s stock worth $29,000 after buying an additional 3,307 shares in the last quarter. Universal Beteiligungs und Servicegesellschaft mbH purchased a new stake in shares of Globalstar during the fourth quarter worth about $33,000. Finally, Sequoia Financial Advisors LLC purchased a new stake in shares of Globalstar during the fourth quarter worth about $35,000. Institutional investors and hedge funds own 18.89% of the company’s stock.

Globalstar Company Profile

Globalstar, Inc provides mobile satellite services in the United States, Canada, Europe, Central and South America, and internationally. The company offers duplex two-way voice and data products, including mobile voice and data satellite communications services and equipment for remote business continuity, recreational usage, safety, emergency preparedness and response, and other applications.